7)

Which of the following is not valid for External Audit?

External audit is conducted once in a year

It is conducted by the employees of the company

The scope is decided by the statue

There is an obligation to conduct external Audit

8)

RSM , Oman is one of the few audit firms in the Sultanate of Oman accredited with the Capital Market Authority of Oman which entitles the firm to act as statutory auditors (external auditors) of public joint stock companies, investment funds, licensed companies operating in the securities market and insurance companies registered in the Sultanate of Oman.

Which of the following is the right of an External Auditor?

Visit the branches of the client and to access all accounting books and records

Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.

Inspect account books and accounting systems for efficiency, effectiveness and use of accepted accounting procedures.

Review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures.

9)

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Which of the following is the correct full form of IFAC?

International Financial Accountants Committee

International Federation Automatic Control

International Federation of Accountants

International Federation of Audit Committee